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Home BUSINESSPosti’s operating profit slides in Q3
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Tue, 01 Nov, 2016 12:00:57 AM
FTimes- STT Report, Nov 1
 
File Photo – Lehtikuva
The national postal corporation Posti’s operating profit for the third quarter was 7.5 million euros compared to 9.6 million euros in the corresponding period of last year.
 
The group's comparable net sales decreased by 3.9 percent.
 
The number of addressed letters declined by 9 percent in the third quarter while parcel volumes grew by 2 percent during the period.
 
The postal corporation’s CEO Heikki Malinen in a statement said that current law requires Posti to maintain a five-day delivery obligation in spite of the fact that an average Finn receives only about 11 universal service letters in a year. 
 
“In the situation of free competition, this regulation with decreasing mail volumes will lead to very expensive and cost-ineffective delivery. We urge that the universal service obligation be renewed to be more flexible, in order to ensure an affordable universal service for citizens and businesses all over Finland,” said Malinen.
 
By parliament's decision in June, the Finnish State can decrease its ownership at Posti Group Corporation. 
 
In accordance with Government Resolution on Ownership Steering Policy, 49.9 percent of the ownership of Posti Group Corporation will be transferred to a new state-owned development company, Vake Oy, which was established in August. The Finnish State's direct holding will re-main at 50.1 percent.
 
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